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Related Party
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Party

Note 10. Related Party

 

Effective June 4, 2023, the Chairman and CEO of Gauzy, Ltd., one of the Company’s licensees, joined the Board of the Company. Gauzy’s license agreement has been in effect since September 17, 2017 and provides for minimum annual royalties and earned royalties relating to sales of SPD-SmartGlass architectural window products. Because the Company collects a 10-15% percentage royalty from the higher-priced end product sales by Gauzy’s customers purchasing their SPD-Smart light control film, under its license agreement with Gauzy, the Company does not collect a royalty on sales by Gauzy of SPD-Smart light control film to these licensee customers. In addition, the Company’s licensee Vision Systems, Inc. is a 100% owned subsidiary of Gauzy, Ltd. For years ended December 31, 2023 and 2022, fee income related to Gauzy and Vision Systems represented 18% and 31%, respectively, of the Company’s total fee income. In addition, as of December 31, 2023 and 2022, the Company’s accounts receivable from Gauzy and Vision Systems represented 8% and 9%, respectively, of the Company’s total royalty receivables, before reserves. In January 2024 these receivables were paid in full by Gauzy and Vision Systems.